Boab Metals (ASX:BML) has opened a share purchase plan (SPP) to raise an additional $7 million, following on from its $60 million placement.
The SPP opened on 18 December, allowing eligible shareholders to subscribe for up to $30,000 worth in shares, valued at $0.40 per share.
Boab intends to issue SPP shares on 23 January 2026.
The company opened a private placement earlier this month to raise up to $60 million to fund the Sorby Hills Lead-Silver Project in Western Australia. Boab intends to announce a final investment decision for the project in the coming weeks.
Using the same issue price, shares will be deployed across two tranches for a total of 150 million shares. Tranche one is expected to be allotted on 22 December, with tranche two to follow a shareholder meeting in late January or early February 2026.
The issue price represents a 2.7% discount to the five-day volume weighted average price (VWAP) and a 3.8% discount to the 30-day VWAP.
Shaw and Partners and Petra Capital are acting as joint lead managers for this placement.
Boab Metals Limited is a Western Australian-based exploration and development company focused on advancing the Sorby Hills Project.
Write to Maddison Elliott at Mining.com.au
Images: Boab Metals
